ASEAN, Hong Kong wind up FTA negotiations

First ASEAN Economic Ministers-Hong Kong, China Consultations in Laos in 2016 (Source: VNA)


Hanoi (VNA) – The Association of Southeast Asian Nations (ASEAN) and
China’s Hong Kong on September 9 announced the conclusion of their negotiations
on a Free Trade Agreement (FTA) and a related Investment Agreement.

The
announcement was made at the second ASEAN Economic Ministers-Hong Kong, China
Consultations (AEM-HKC) in Pasay city, the Philippines.

Hong
Kong’s Secretary for Commerce and Economic Development Edward Yau said that the
two agreements will be signed in November this year.

The
agreements are comprehensive in scope and the commitments therein are of value,
encompassing trade in goods, trade in services, investment, economic and
technical co-operation and dispute settlement mechanisms, he added.

According
to him, ASEAN is a very important trade partner of Hong Kong. The bloc was the
second largest partner in terms of trade turnover in 2016, and the fourth
largest in services trade in 2015.

Last
year, the total trade turnover between Hong Kong and ASEAN amounted to 833
billion HKD (106.6 billion USD), while total services trade was 121 billion HKD
(15.4 billion USD) in 2015.

On
investment, as at the end of 2015, ASEAN ranked sixth among Hong Kong’s
destinations of outward direct investment, with a stock of 218 billion HKD
(27.9 billion USD), and it ranked sixth among Hong Kong’s sources of inward
direct investment, with a stock of 555 billion HKD (71.1 billion USD).-VNA



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